Industrial utility metering firm Energy Assets Group (EAG) has reported double-digit revenue and profit growth for the six months to September 30.

The Livingston-based group said total revenue rose 22 per cent to £20.6 million, with recurring revenue from its meter and data asset portfolio up 15 per cent to £12.7 million, accounting for 62 per cent of total revenue.

Stock market-listed EAG said its owned and managed meter and data asset portfolio has grown 11 per cent since the March 31 financial year-end to circa 404,000 assets.

Pre-tax profits for the six months are up 26 per cent on last year to £4.8 million, and on an operating level, profits were up 25 per cent to £7 million as cash generated from operating activities rose 21 per cent to £9.7 million.

Net debt as of September 30 was £69.1 million, up £4 million on the March 31 year-end, which EAG said was down to an “increase in capital expenditure to service the growing meter portfolio”.

EAG said it has increased capital investment in in meter and data assets 10 per cent in the first half to £118.3 million.

The group said a contract with British Gas Business awarded in July 2014, is “now generating increased installation rates compared to prior periods, in line with management expectations”.

An electricity contract awarded by npower in October 2014 has also been extended to 2019 and EAG “further strengthened” its relationship with Corona Energy in the first half through a new electricity metering contract.

EAG said revenue from its Siteworks division, which delivers meter and infrastructure works from the network to a premises, were up 34 per cent year-on-year to £7.9 million.

The group said Siteworks “continues to make good progress both in terms of revenue growth and the sophistication of the services provided”.

EAG said the three acquisitions it added last year - Bglobal Metering, Origin and SA Gas - are now “fully integrated into the group and are performing well under Energy Assets management”.

Looking ahead, EAG said the second half of the year had “started well”, with major metering and data contracts “continuing to perform well”.

EAG chief executive, Phil Bellamy-Lee, said: “The results for the first half of the financial year show a continuation of the excellent growth and success Energy Assets has achieved in recent years following another period of strong trading activity.

“Our strong supply chain relationships, engineering competence, experienced management team and focus on quality continue to differentiate us from our competitors as we strive towards being the supplier of choice for customers within the UK I&C [industrial and commercial] sector, enabling achievement of our primary objective to be the largest independent provider of I&C energy metering services in the UK.”